Plastic Recycling Market is slated for steady growth, with a projected CAGR of 9.3% by the year 2035 | States Transparency Market Research, Inc.

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Jul 18, 2024, 10:01 ET

A move to environmentally friendly packaging and government policies will drive the plastics recycling market.

WILMINGTON, Del., July 18, 2024 /PRNewswire/ -- The plastic recycling industry was worth US$ 45.5 billion in 2023. By the end of 2035, the industry is projected to grow at a CAGR of 9.3% and reach US$ 129.5 billion by the end of the year. Through ongoing improvements in recycling technologies, like chemical and pyrolysis, plastics of all types may be recycled, including mixed and contaminated ones. Recycling rates could increase with these technologies, and recycled materials could be of higher quality.

Plastic, a versatile and affordable material that is widely used today. The main issue with plastic is its end-of-life disposal. Since last 70 years, nearly half of world's used plastic has been landfilled or dumped, with only 10% properly recycled. Annually, about 0.5% of global plastic waste enters the oceans, causing significant environmental harm. Plastic recycling has become a crucial process and is essential in mitigating the impacts of plastic waste on our environment.

Leading market players highlight the trend of increasing recycled plastic usage in industrial applications to save on costs and reduce carbon footprints. For example, the automotive industry uses recycled plastic for parts and components, while packaging and construction industries prefer it for boxes, bags, containers, and building materials. Consumer products like water bottles, eco-friendly sneakers, and outdoor furniture are also made from recycled plastic.

Various recycling techniques exist, but the traditional methods often result limitations due to property variations in recycled plastic. This is driving the advancements of chemical technologies like pyrolysis. The future of plastic recycling looks promising with these advancements.

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Favorable regulatory policies also drive the industry. Europe, for example, aims to recycle about 55% of plastic packaging waste by 2030 through improved practices, increased infrastructure investment, and extended producer responsibility. Governments' proactive approach is evident in the growing investments in recycling infrastructure and technology for better efficiency and effectiveness.

Over the past 20 years, plastic recycling has grown significantly, especially in Asia Pacific and Europe. China and India have been crucial contributors to this growth in the Asia Pacific region.

Increasing consumer demand for sustainable packaging and products could make recycled plastics a more valuable raw material, resulting in increased investments in recycling infrastructure. Incentives and regulations may be implemented by governments worldwide to reduce plastic waste and promote plastic recycling. Recycling targets may be strengthened, extended producer responsibility programs implemented, and extended producer responsibility programs for composting may be implemented for companies that use recycled materials in their products.

Sustainable packaging solutions could become more popular with consumer awareness of plastic pollution. Recycling plastics, utilizing biodegradable materials, and developing alternatives to packaging, such as reusable containers and alternatives without packaging, are all ways to achieve these objectives.

Plastic Recycling Market Report Scope:

Report Coverage	Details
Forecast Period	2024-2035
Base Year	2022-2027
Size in 2023	US$ 45.5 Bn
Forecast (Value) in 2035	US$ 129.5 Bn
Growth Rate (CAGR)	9.3 %
No. of Pages	203 Pages
Segments covered	By Product, By Application

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Key Findings of the Market Report

Based on product, HDPE occupies a dominant position in the plastic recycling industry.
Recycling initiatives have been centered around packaging, propelling its growth and dominance worldwide
Plastic recycling is the most popular recycling method in Asia Pacific.
Recycling technologies have evolved greatly over the years, allowing for more efficient handling of plastic trash.

Global Plastic Recycling Market: Growth Drivers

Environmentally friendly alternatives like plastic recycling are in high demand due to growing public awareness of the harm plastic pollution causes to the environment.
The government and international organizations are implementing stricter laws and policies to reduce plastic waste. Due to resource scarcity concerns and fluctuating resin prices, recycled plastics are becoming more popular as a cost-effective alternative. In addition to reducing dependency on fossil fuels, recycling reduces pollution.
Sustainable business strategies are increasingly being adopted by companies as a means of meeting consumer expectations, complying with regulations, and improving their brand image. These sustainability initiatives emphasize the use of recycled plastics in manufacturing processes.
As recycling technologies advance, plastic recycling processes become more efficient. Increasing recycling rates, chemical recycling methods, and material recovery technologies are allowing us to recycle more and more.
The demand for recycled plastic products is growing because people are becoming eco-friendlier and preferring recycled plastics. A greater number of companies are offering recycled materials as sustainable alternatives.

Global Plastic Recycling Market: Regional Landscape

Plastic recycling market demand is expected to be driven by Asia Pacific.
As consumers become more aware of plastic pollution, sustainable products and packaging are becoming more popular. The shift in consumer behavior is prompting businesses to invest in eco-friendly packaging solutions.
Throughout Asia-Pacific, governments have been promoting plastic recycling, recognizing its importance.
The government is also introducing several initiatives, such as initiatives to reduce plastic waste and incentives to encourage recycling.
As awareness about plastic pollution increases, Asia-Pacific countries increasingly invest in recycling infrastructure. Recycling infrastructure, waste management systems, and sorting centers are needed to manage the huge amount of waste that is generated by the increasing use of plastics.
New recycling technologies are needed to improve plastic recycling in the region. Sorting technologies mechanical and chemical recycling methods have been developed to handle different types of plastic waste.

Global Plastic Recycling Market: Competitive Landscape

With numerous players present, the global plastic recycling market has a high degree of fragmentation. Manufacturers are undertaking research and development activities in a significant way.

The collaboration of many players in regional and international markets is leading to rapid innovation and expansion of business lines. Some prominent players operating in the plastic recycling landscape are as follows:

Kuusakoski
B&B Plastics Inc.
Custom Polymers Inc.
Dart Container Corporation
Novolex
KW Plastics
MBA Polymers UK Ltd
PLASgran Ltd.
Plastipak Holdings Inc.
WM Recycle America LLC
Wellpine Plastic LTD
Others

Key Developments

In February 2023, Kuusakoski announced the opening of the nation's first facility for processing composite materials. Located in Southern Finland, Kuusakoski's Hyvinkää site featured a new composite processing plant that will effectively and safely shred composite material.
In addition to the new processing line, the investment will renovate an on-site building. Business Finland will finance 35% of the investment with RRF (Recovery and Resilience Facility) funds. The investment is likely to be worth more than 4 million euros.
In December 2023, Novolex introduced a food packaging container made from 10% recycled plastic. This new product expanded the recycling line and added to the growing number of recycled products. Companies are dedicated to creating new products to reinforce the circular economy and improve sustainability.

Global Plastic Recycling Market: Segmentation

By Product

PET
PP
HDPE
LDPE
PS
PVC
Others

By Application

Packaging
- Food Contact
- Non-food Contact
Automotive
Construction
Textiles
Others

By Region

North America
Latin America
Europe
Asia Pacific
Middle East & Africa

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